§ 1634. Limitation on service and other charges
(a) A premium finance company shall not charge, contract for, receive, or collect a service charge other than as permitted by this chapter. (b) A premium finance company may, in a premium finance agreement, contract for, charge, receive, and collect a service charge for financing the premiums under the agreement computed as provided in subsection […]
§ 1635. Prohibited premium financing
No premium finance company shall, in a premium finance agreement, provide for the cost of: (1) A membership in an automobile club. The term “automobile club” means a legal entity which, in consideration of dues, assessments, or periodic payments of money, promises its members or subscribers to assist them in matters relating to the ownership, […]
§ 1636. Delinquency, collection, cancellation and check return charges; attorney’s fees
(a) A premium finance agreement may provide for the payment by the insured of a delinquency and collection charge on each installment in default for a period of not less than 5 days in an amount not to exceed $10 or 5 percent (5%) of the delinquent installment, whichever, is greater; provided that if the […]
§ 1637. Restrictions on premium finance agreements
No premium finance agreement or contract ancillary thereto shall contain any provision by which: (1) In the absence of default of the insured, the premium finance company holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the amount owing thereunder; (2) A power of attorney is […]
§ 1625. Approval, disapproval of application; license renewal
(a) The Commissioner shall issue the license, unless he finds that the management of the premium finance company filing the application is so lacking in managerial experience as to make the proposed operation hazardous or injurious to the public or unless he has good reason to believe the management of the premium finance company is […]
§ 1626. Grounds for refusal, suspension or revocation of license
(a) The Commissioner may deny, suspend, revoke, or refuse to renew any license, if he finds: (1) That the licensee has failed to pay the annual license fee or any sum of money lawfully demanded under the authority of any other section of this chapter or has failed to comply with any order of the […]
§ 1627. Administrative fine and probation
The Commissioner may, in his discretion, in lieu of a suspension, revocation, or refusal to renew or continue any license, impose on the licensee an administrative penalty or place such licensee on probation.
§ 1628. Examinations
(a) The Commissioner may conduct examinations and investigations of premium finance companies under the provisions of chapter 5 of this title. (b) As often as it is deemed necessary and not less frequently than every three years, the Commissioner shall examine each licensed premium finance company. The examination shall be for the purpose of ascertaining […]
§ 1629. Excessive premium finance charge; penalty
Any person, premium finance company, or other legal entity who or which knowingly takes, receives, reserves, or charges a premium finance charge other than that authorized by this chapter shall forfeit the entire premium finance charge to which such person, premium finance company, or legal entity would otherwise be entitled; and any person who has […]
§ 1622. Premium finance agreement defined
“Premium finance agreement” means a promissory note or other written agreement by which an insured promises or agrees to pay to, or to the order of, a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent, in payment of premiums on an insurance […]